Walgreen recommends against unsolicited offer
Deerfield, Ill. -- Walgreen Co. said late Wednesday it is recommending that shareholders do not endorse an unsolicited offer from TRC Capital Corp. to buy up to 3 million shares of the drugstore chain.
The retailer said it received an offer from TRC on Nov. 3. The offer represents 0.3% of Walgreen’s outstanding stock.
Walgreen said it doesn't endorse the "mini-tender offer," because it is set at a price below the current market price for the company's shares and is subject to numerous conditions.